BlackRock surpasses 7% of Banc Sabadell
The increase in stake was announced shortly before BBVA presented the takeover bid prospectus.
BarcelonaBlackRock has surpassed the 7% threshold in Banc Sabadell just days before BBVA presents the prospectus for its takeover bid for the Catalan financial institution. This increase in stake is essentially due to the capital reduction Sabadell recently implemented to amortize the shares acquired in the €755 million buyback that ended on August 4.
The €33 million reduction, representing 5.003% of Sabadell's capital, has meant that the bank's capital has fallen from 5.288 billion shares to 5.023 billion. This means that shareholders hold a larger proportion of the capital.
The US asset manager has announced a purchase of 56,000 shares between Monday and Tuesday and has updated the number of shares comprising Sabadell's capital. As a result, the stake has increased from 6.664% to 7.017%, the highest level since it became part of the bank's capital in 2010.
The majority of this position is controlled through voting rights (6.987%), while 0.030% is held through other means. In total, it holds 359.4 million shares with an approximate value of €1.14 billion, taking into account the current price of €3.18 for Sabadell shares.
BlackRock remains the majority shareholder in Sabadell, ahead of the insurer Zurich (4.700%), David Martínez (3.495%, which it majority controls through Fintech Europe), Dimensional Fund (2.873%), UBS (2.811%), Norges (1.490%), Vanguard (1.338%), Amundi (1.271%), DWS (1.212%), Qube (1.021%) and JP Morgan Chase (1.009%). These funds will be key in BBVA's takeover bid, whose prospectus is expected to be filed this month with the National Securities Market Commission (CNMV).
